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Homebuilder index unchanged in August
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LOS ANGELES — Homebuilders are a little more optimistic about the prospects for home sales over the next six months, but an index reflecting the sector's confidence overall remained at an all-time low, an industry trade association said Monday.
The National Association of Home Builders/Wells Fargo housing market index remained unchanged this month at 16, where it's been since July.
But benchmarks for sales improved: The gauge of current sales conditions climbed one point to 16, while an index of builders' sales expectations over the next six months rose by two points to 25.
Despite the silver lining, several major builders' stocks tumbled Monday, with Miami-based Lennar Corp. leading the decline as its shares plunged 95 cents, or about 8 percent, to $10.87 in afternoon trading.
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